BOV-020: Quasi-Endowment TransactionsDate: 09/20/1996 Status: Final
Establishes the authority to approve individual quasi-endowment transactions.
Funds established to function like an endowment but which may be expended at the discretion of the entity’s governing board. The principal is typically preserved while expenditures to support the purpose may be made from Quasi Endowment distributions. Distributions are determined in accordance with the entity’s spending policy.
The Board of Visitors has authorized the Executive Vice President & Chief Operating Officer, formerly known as the Executive Vice President and Chief Financial Officer, to approve individual quasi-endowment transactions, occurring after January 1, 1996, including establishments and divestments, that are less than $2.0 million. Transactions approved by the Executive Vice President and Chief Operating Officer will be reported annually to the Board of Visitors.
Quasi-Endowment Transactions, BOV Executive Committee Minutes dated September 20, 1996. Reported to the Board at its November 8, 1996 Meeting, pg. 5216.